One & Partners Launches Tender Offer for Golfzon Holdings Shares at 6,700 Won per Share

"Highest Price Since 2023...
Opportunity for Minority Shareholders to Realize Gains"

One & Partners, an investment company established by Kim Wonil, the largest shareholder of Golfzon Holdings, will launch a public tender offer for all remaining shares of Golfzon Holdings, a KOSDAQ-listed holding company. The move is intended to provide minority shareholders with a proactive investment exit, as the prolonged downturn in the golf industry has led to a sustained decline in share price, making it difficult for minority shareholders to recover their investments, and as additional stock price fluctuations are anticipated during the upcoming restructuring of group affiliates.

According to the Financial Supervisory Service's electronic disclosure system on the 29th, One & Partners announced that it would acquire about 40% of Golfzon Holdings’ shares held by minority shareholders through SJ Investment Holdings (the tender offeror) at 6,700 won per share. The tender offer period runs from this day until August 5.

The proposed price represents a 57.5% premium over the previous day's closing price of 4,255 won, and also carries premiums of 48.6% and 41.0% compared to the volume-weighted average prices over the past one month and three months, respectively. One & Partners stated, "This price marks the highest level since 2023, allowing most minority shareholders to realize gains."

The background for the tender offer centers on the prolonged decline in share price. SJ Investment Holdings explained, "Despite Golfzon Holdings maintaining steady dividends and share buybacks, the prolonged slump in the domestic golf industry has resulted in a persistent share price decline, making it virtually impossible for minority shareholders to recover their investments."

It was further added that the move is also intended to protect minority shareholders from potential share price volatility that may arise from the future restructuring of group affiliates. The company plans to proceed with a comprehensive restructuring to redefine the roles of affiliates and create synergies in order to overcome the continued failures in new business ventures outside golf and the sluggish performance of overseas operations.

The tender offeror intends to purchase all shares tendered, and following the completion of the public tender offer, plans to pursue delisting through voluntary delisting, a comprehensive share exchange, or the exercise of the controlling shareholder’s right to demand share purchase.

Shareholders wishing to participate in the tender offer may apply online via the NH Investment & Securities website, HTS, or MTS, or visit an NH Investment & Securities branch in person by August 5.

This content was produced with the assistance of AI translation services.